Max pain // Cboe delayed data · as of Oct 25, 2:53 AM ET

THRM max pain

Spot (delayed)$28.6
Max pain · Thu, Jun 17$22.5-21.3% vs spot
Expected move (ATM straddle)±$9.23±32.3% by Thu, Jun 17
Put wall$22.5largest put OI
IV3056.2%30-day implied vol
Net GEX−$17per 1% move

Event risk before this expiration: FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Nov 20$32.93+15.1%27d
Fri, Dec 18$37.93+32.6%55d
Fri, Mar 19$32.93+15.1%146d
Fri, May 21$20-30.1%209d
Thu, Jun 17$22.5-21.3%236d

The writer-loss curve — where max pain comes from

Open interest by strike · Thu, Jun 17

Open-interest change: building vs unwinding

Needs two observed snapshot days for this expiration; the comparison appears automatically once the next weekday snapshot lands. We diff real observations only; nothing is estimated.

Volume by strike · Thu, Jun 17

Stacked — layer the expirations

spot12.932530354047.934K0
Call open interest per strike, stacked across the checked expirations — each color is one expiry. Strikes are pruned to the liquid center of each chain.

All expirations combined — total open interest

spot12.9317.9322.9332.9342.9357.934K4K
■ calls (up)■ puts (down)Every expiration combined: 7K call contracts, 1K put contracts open.

Reading this honestly

Max pain is arithmetic, not prophecy: the settle price that would minimize what option writers pay out at expiration, computed from open interest alone. Prices sometimes gravitate toward heavy strikes into expiry — dealer hedging is a real flow — but the evidence that max pain predicts settlement better than chance is mixed, and we are not going to pretend otherwise. Use it as a map of where positioning is stacked, next to the fundamentals and the earnings calendar, not as a target.

Data: Cboe delayed public feed (~15 minutes), refreshed here about every 15 minutes. Open interest itself updates once daily, before the open. Educational information, not investment advice.

Keep going: THRM workspace · max pain, explained in full · options profit calculator · iron condor and credit spread calculator · GEX, defined · pin risk